Investment and Financing Constraints in China: Does Working Capital Management Make a Difference?

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How Firms Export: Processing vs. Ordinary Trade with Financial Frictions (2016, unknown): “Leverage is the ratio of current liabilities to current assets.15 Firms with higher 14 See, for example, Whited (1992), Fazzari and Petersen (1993), Greenaway et al. (2007), and Ding et al. (2013).”
Local Bank, Digital Financial Inclusion and SME Financing Constraints: Empirical Evidence from China (2021, result): “The result is consistent with those of Ding, Guariglia, and Knight (2013) and Howell (2016), who reported that SMEs face a severe funding shortage in China.”
Corporate cash holdings: Causes and consequences (2015, unknown): “In contrast to SOEs, privately owned firms find it more difficult to get financial support from banks.”
Cash Conversion Cycle and Value-Enhancing Operations: Theory and Evidence for a Free Lunch (2017, result): “Ding et al. (2013) corroborate this conclusion with findings that good WCM may help Chinese firms alleviate the effects of financing constraints on fixed investment.”